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Swing Capital

ZF Commercial Vehicle Control System India Ltd

NSE: ZFCVINDIA BSE: 533023IT / Software

Operating under the ZF WABCO brand and part of ZF Group Commercial Vehicle Control Systems Division, WABCO INDIA Limited is India’s market leader for advanced braking systems, conventional braking products and related air assisted technologies and systems in India. It also provides software development and other services. Its headquarter is in Chennai, India

₹14,371
52W: ₹11811 — ₹16665
PE 53.2 · Book ₹1938 · +642% vs book
Market Cap₹27,258 Cr
Stock P/E53.2Price to Earnings
ROCE20%Return on Capital
ROE14.9%Return on Equity
Div. Yield0.13%Face Value ₹5

Strengths

  • +Company is almost debt free.

Weaknesses

  • −Stock is trading at 7.41 times its book value
  • −Promoter holding has decreased over last 3 years: -15.0%

Shareholding Pattern

Promoters60%
FIIs5.79%
DIIs26.21%
Public8%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.49%67.49%63.16%▼4.363.16%60%▼3.260%60%60%
FIIs3.74%4.12%▲0.45.11%▲1.05.57%▲0.55.73%▲0.25.79%▲0.15.37%▼0.45.79%▲0.4
DIIs21.2%21.03%▼0.223.85%▲2.823.32%▼0.526.36%▲3.026.25%▼0.126.68%▲0.426.21%▼0.5
Public7.59%7.36%▼0.27.87%▲0.57.95%▲0.17.91%▼0.07.96%▲0.07.94%▼0.08%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales8879569389079561,0039639021,0581,133
Expenses756809800767781831835770863950
Operating Profit131147138139175172128132195183
OPM %15%15%15%15%18%17%13%15%18%16%
Net Profit10010199109125125120106139141
EPS ₹52.5253.2952.357.6565.856663.3656.1373.1174.52

AI Insights

Revenue Trend

Mar 2026 revenue at ₹4,055Cr, up 6.6% YoY. OPM at 16%.

Debt Position

Borrowings at ₹55Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹59Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 26.21% (+10.08pp change). FIIs: 5.79% (+4.52pp change). Promoters hold 60%.

Margin & Efficiency

ROCE declining from 21% (Mar 2015) to 20% (Mar 2026). Working capital days: 109.

Valuation

PE 53.2x with 20% ROCE. Price is 642% above book value of ₹1,938. Dividend yield: 0.13%.

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